PETALING JAYA: Eyebrows were probably raised when the Securities Commission (SC) secured a warrant of arrest against Serba Dinamik Holdings Bhd head Datuk Mohd Abdul Karim Abdullah, who has been charged for furnishing a false statement to Bursa Malaysia.

       The warrant was issued on Tuesday as it was initially thought that the whereabouts of the Serba Dinamik chief executive officer (CEO) and group managing director could not be accounted for.

       Abdul Karim was, however, present at the Kuala Lumpur Sessions Court yesterday when the charge was read out to him.

       If he hadn’t been there, Abdul Karim would have joined a list of other CEOs facing charges who had gone missing.

       In a situation where a warrant of arrest is issued and the alleged suspect is nowhere to be found, the case will still be heard by the courts, said Minority Shareholders Watch Group CEO Devanesan Evanson.

       “The appeal process ensures that justice is done.

       “Our regulators are adequately empowered under the acts and rules to take the right action,” he told StarBiz.

       In a situation where a warrant of arrest is issued and the alleged suspect is nowhere to be found, the case will still be heard by the courts, said Minority Shareholders Watch Group CEO Devanesan Evanson. “The appeal process ensures that justice is done.“Our regulators are adequately empowered under the acts and rules to take the right action,” he told StarBiz.

       Cases of issuing warrants of arrests against Malaysian corporate head honchos that cannot be accounted for are not new.

       In October 2021, the SC announced that a warrant of arrest was issued against Gan Boon Aun, the former Transmile Group Bhd CEO and executive director.

       The warrant of arrest was issued by the High Court when Gan failed to appear for the hearing of his appeal after several attempts had been made to secure his attendance.

       Gan was convicted on Aug 27, 2020 for knowingly furnishing a misleading statement relating to Transmile’s revenue in the company’s quarterly report for the financial year ended Dec 31, 2006.

       According to the SC, the misleading statement on the revenue amount comprised over RM333mil of fictitious sales.

       “Gan was convicted and sentenced by the Sessions Court to one-day imprisonment and a fine of RM2.5mil.

       “Gan filed an appeal against his conviction and the SC filed a cross-appeal against the sentence imposed by the Sessions Court against Gan,” it said.

       The High Court had since dismissed Gan’s appeal following his failure to appear before the High Court for the hearing of his appeal.

       Separately, in September 2021, a warrant of arrest was issued against former Asia Media Group Bhd (AMGB) managing director and CEO Ricky Wong Shee Kai who is at large.

       According to the SC, the warrant of arrest was issued by the Kuala Lumpur Magistrate’s Court on Sept 29, 2021 for offences under the Capital Markets and Services Act 2007 (CMSA).

       Wong had furnished a false statement relating to AMGB’s revenue of RM11.13mil to Bursa Malaysia.

       Wong is facing charges under Section 369(b)B of the CMSA and if convicted, would be liable to a fine not exceeding RM3mil and imprisonment not exceeding 10 years.

       Previously, on Dec 27, 2019, a warrant of arrest had been issued against Wong by the Kuala Lumpur Magistrate’s Court after he had repeatedly failed to appear before the SC’s investigating officer, pursuant to a notice issued under Section 32(3)(a) of the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001.